The amendments to the Proceeds of Crime (Jersey) Law, approved by Jersey’s government on 26 June, are designed to ensure Jersey complies with the recommendations highlighted in the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and Financing of Terrorism (Moneyval) report, published in 2016. Overall, the two amendments (see […]
Read MoreIn 2014 there were many substantive Money laundering law changes in jersey, what were they and why?
What did the Proceeds of Crime and Terrorism (Miscellaneous Provisions) (Jersey) Law 2014 (MISC LAW) change in Jersey and why? The MISC law had four aims, namely to: To address outstanding technical issues identified in Jersey’s 2009 IMF Assessment Report; To address an identified gap against the revised Financial Action Task Force (“FATF”) standards, issued […]
Read MoreFirst Jersey prosecution for failure to report suspicious activity:
Acquittal for MLRO and regulated business charged with offences under the Proceeds of Crime (Jersey) Law 1999 Recent proceedings against STM Fiduciaire Limited (STM) and its Money Laundering Reporting Officer, Michelle Jardine, (Jardine) for breaches of the Proceeds of Crime (Jersey) Law 1999 (PCL) have resulted in an acquittal for all parties. This was the […]
Read MoreFAILING TO REPORT – FIRST PROSECUTION OF ITS KIND IN JERSEY
Introduction In the first prosecution of its kind in Jersey, the Royal Court has acquitted Michelle Jardine (represented by Advocate Nuno Santos-Costa) and STM Fiduciaire Limited (“STM”) (represented by Advocate David Steenson) of charges under the Proceeds of Crime (Jersey) Law 1999 (POCA). Lasting for four days, the result of this trial should give a […]
Read MoreReview of 2014 amendments to substantive offences under Proceeds of Crime Law
Introduction The reform of Jersey’s anti-money laundering (AML) practices and laws has been high on the legislative agenda, particularly after Jersey became a member of the Committee of Experts on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (Moneyval) in 2012. Moneyval is the EU body tasked with ensuring that member states […]
Read MoreJFSC update Part 4: Section 1 of the AML Handbook Feb 2015
The JFSC have issued an update to Part 4: Section 1 Handbook for regulated financial services businesses [Effective from: 26 February 2015] in regards to the Proceeds of Crime (Jersey) Law 1999 – Schedule 2 (Article 36(1) and (2)) – Financial Services Business http://bit.ly/1DgEPKx
Read MoreAUGUST 2014 MAJOR CHANGES TO JERSEY PROCEEDS OF CRIME LEGISLATION
On the 4 August 2014 saw the enactment of Proceeds of Crime and Terrorism (Miscellaneous Provisions) (Jersey) Law 2014 which amends the previous Proceeds of Crime legislation in a number of significant areas. One material and significant change is the Repeal of Drug Trafficking Offences Law etc., and savings – the following is stated in […]
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